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Clinical Laboratory Services Market Growth Opportunities, Driving Factors by Manufacturers, Regions, Type & Application, Forecast to 2024

Clinical Laboratory Services Market report based on the synthesis, analysis, and interpretation of information about the global Clinical Laboratory Services market collected from specialized sources

 

Selbyville, DE -- (SBWIRE) -- 10/23/2018 -- MarketStudyReport.com presents the Clinical Laboratory Services Market provides a detailed overview of major drivers, restraints, challenges, opportunities, current industry trends and strategies impacting the global market along with estimates and forecast of revenue.

U.S. clinical laboratory services market is anticipated to grow at 6.7% over the coming years. Escalating prevalence of cardiovascular disease and diabetes coupled with presence of major industry players in the country will upsurge the revenue size. As per CDC National Diabetes Statistics report around 30.3 million individuals of different age groups had diabetes in 2015; this accounts for nearly 9.4% of the U.S. population.

Notable industry competitors are Abbott Laboratories, Arup Laboratories, Charles River Laboratories, Fresenius Medical Care (Spectra Laboratories), Fullerton Health, Genoptix Medical Laboratory, Laboratory Corporation of America Holdings (Labcorp), Neogenomics Laboratories (Clarient), Opko Health (Bioreference Laboratories), Qiagen, Quest Diagnostics, Sanofi Genzyme, Siemens, Sonic Healthcare, and Synlab (Labco).

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Prominent business players are focusing on strategic acquisition and partnerships. Introduction of innovative solutions in clinical laboratory services should favor industry growth over the forecast period. Companies existing in industry are emphasizing on acquisition and collaborations to upsurge their revenue share in the clinical laboratory services market. For instance, in June 2018, Neogenomics Laboratories collaborated with Pharmaceutical Product Development to provide fully integrated molecular testing solutions to pharmaceutical and biotechnological clients. This collaboration will allow company to meet increasing worldwide client requirements.

Rising preference of patients for early disease diagnosis and availability of advanced testing solutions should foster demand for clinical lab tests. Computerization, ongoing development of diagnostic technologies that can detect the root cause of disease as well as yields faster results will impel industry revenue share. Moreover, automation in laboratories serves purpose of high volume testing and non-stop clinical analyses that will accelerate business growth. Increasing awareness among people and introduction of diagnostic platforms that deliver efficient recognition of diseases will impel clinical laboratory services industry growth.

Routine chemistry of clinical chemistry segment held largest revenue share and will grow at 5.0% during forecast timeframe. Growing awareness of health check-ups and increasing preference for early disease diagnosis will stimulate routine chemistry segmental growth.

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Clinical Laboratory Services Market will exceed USD 342 billion by 2024; as per a new research report.
Inadequate reimbursements along with stringent regulations for clinical laboratory operations will restrain market growth over the coming years. Involvement of numerous regulatory authorities to ensure lab safety can impact negatively on clinical laboratory services industry growth.

Stand-alone laboratories segment held USD 83.3 million revenue in 2017, due to rising infectious diseases and growing initiatives by prominent industry players to set labs. In the U.S. as per CDC data in 2015 nearly 16.8 million people visited physician offices for infectious as well as parasitic diseases thus, contributing to segmental growth.

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